Advances in technology and the ability to provide comprehensivefinancial solutions are going to drive the pace of change for thelife insurance industry, according to a new survey from LOMA.
Top industry executives told LOMA they see advancements inservice capabilities, along with the Internet becoming a moreimportant service delivery mechanism. The use of mobile devices asa communication mechanism, and push technology (push alerts andpush service) will be also become standard. Telepresence andteleconference will enhance collaboration and communication amonghome office employees and the field force.
As for life insurance products, the basic stable will stay thesame, but features and benefits will continue to evolve ascompanies try to address performance guarantees, fee disclosure,de-risking and longevity. Development will center on hybrid(combination) products.
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